PRECIOUS METALS

Gold jumped the most since November as Federal Reserve
Chairman Ben S. Bernanke defended the U.S. central bank’s asset
purchases, boosting demand for bullion as a hedge against
stimulus-fueled inflation.

Gold futures for April delivery jumped 1.9 percent to
$1,616.30 an ounce on the Comex in New York. A close at this
price makes it the biggest jump for a most-active contract since
Nov. 6. Trading volume was about 77 percent higher than the
average in the past 100 days.

Silver futures for May delivery gained 1.1 percent to
$29.37 an ounce in New York, with trading more than twice the
100-day average for this time of day.

Precious metal markets: NI PCMKTS

CRUDE OIL

Oil fell to a seven-week low in New York amid estimates
that U.S. crude inventories rose and as Italy’s elections
stalemate spurred concern that Europe’s debt crisis may worsen.

West Texas Intermediate for April delivery fell 28 cents,
or 0.3 percent, to $92.83 a barrel on the New York Mercantile
Exchange after declining to $91.92, the lowest intraday level
since Jan. 4. Prices have decreased 15 percent in the past year.

Brent for April settlement dropped 99 cents, or 0.9
percent, to $113.45 a barrel on the London-based ICE Futures
Europe exchange. Volume was 20 percent above the 100-day
average. The European benchmark crude’s premium over WTI shrank
for the first time in four days to as narrow as $20.58 from
yesterday’s $21.33.

Oil markets: NI OILMARKET

NATURAL GAS

Natural gas futures fluctuated near a two-week high in New
York amid forecasts of below-normal temperatures that would
increase heating-fuel consumption.

Natural gas for March delivery fell 0.7 cent to $3.407 per
million British thermal units on the New York Mercantile
Exchange. The futures are up 34 percent from a year ago. Trading
volume was 22 percent above the 100-day average for the time of
day.

The March gas contract expires today. The more actively
traded April contract slid 2.1 cents, or 0.6 percent, to $3.449
per million Btu.

April $3.50 calls were the most active gas options in
electronic trading. They fell 1.3 cents to 9.8 cents per million
Btu on volume of 262 contracts. Calls accounted for 53 percent
of options volume.

SOFT COMMODITIES

Cocoa futures fell the most in two weeks on concern that
persistent debt woes will erode demand in Europe, the world’s
biggest chocolate consumer. Sugar and orange juice also slid,
while coffee and cotton advanced.

Cocoa for May delivery fell 1.4 percent to $2,112 a metric
ton on ICE Futures U.S. in New York. A close at that price would
mark the biggest drop for a most-active contract since Feb. 11.

Raw-sugar futures for May delivery slid 0.6 percent to
17.98 cents a pound.

Orange-juice futures for May delivery slumped 2.1 percent
to $1.27 a pound, heading for the first decline in a week.

Coffee futures for May delivery gained 0.6 percent to
$1.439 a pound. Cotton futures for May delivery advanced 0.1
percent to 81.81 cents a pound.

Soft commodities markets: NI SOMKTS

BASE METALS

Aluminum fell for a seventh session in London as
commodities slid amid concern that the euro-area debt crisis
might worsen, following an inconclusive election in Italy.

Aluminum for delivery in three months declined 0.5 percent
to $2,027.50 a ton on the London Metal Exchange. Prices earlier
touched $2,010, the lowest since Nov. 29.

Copper for three-months delivery rose 0.3 percent to $7,860
a ton ($3.57 a pound) on the LME. Stockpiles monitored by the
exchange increased for a ninth session to 438,375 tons, the
highest since Oct. 25, 2011.

Zinc, lead and tin climbed in London. Nickel fell.

Base metals markets: NI BMMKTS

GRAINS, OILSEEDS

Wheat futures rebounded from an eight-month low on
speculation that the grain’s discount to corn will spur
increased use in animal-feed rations. Corn also gained and
soybeans were little changed.

Wheat futures for delivery in May rose 0.5 percent to
$7.085 a bushel on the Chicago Board of Trade. The grain earlier
fell to $6.9775, the lowest since June 25, as snow in the U.S.
Great Plains eased drought conditions.

Corn futures for delivery in May climbed 1.2 percent to
$6.935 a bushel in Chicago, and soybeans for the same delivery
month slid less than 0.1 percent to $14.3475 a bushel.

Grains markets: NI GRMKTS

OIL PRODUCTS

Gasoline in New York tumbled the most since November as
Brent crude and refined products in Europe declined. Crack
spreads narrowed.

Gasoline for March delivery fell 6.91 cents, or 2.3
percent, to $2.992 a gallon on the New York Mercantile Exchange
on volume that was 78 percent above the 100-day average. Prices
have dropped five of the past six days after reaching a four-
month high on Feb. 15.

Retail gasoline, averaged nationwide, rose 0.5 cent to
$3.782 a gallon, the highest level since Oct. 14, AAA said today
on its website. The fuel has jumped 15 percent this year to
within 15.4 cents of last year’s high of $3.936, according to
AAA data.

Heating oil for March delivery fell 3.32 cents, or 1.1
percent, to $3.0657 a gallon on the exchange.

European Carbon Permits

LIVESTOCK

Hog futures declined on speculation that demand for hogs
may weaken. Cattle prices also fell.

Hog futures for April settlement declined 0.3 percent to
81.625 cents a pound on the Chicago Mercantile Exchange. Prices
were down 4.5 percent this year through yesterday.

Cattle futures for April delivery slid 0.2 percent to
$1.2815 a pound on the CME. Prices fell 2.9 percent this year
through yesterday. Feeder-cattle futures for March settlement
slumped 0.9 percent to $1.39525 a pound.